Why is the price at the pump not dropping at all? In fact, it's higher than it was during the spike to over $120/barrel 3 years ago. There have been no new regulations or taxes, so that's not the reason. Is this simply an issue of collusion and gouging because they can get away with it?
So if oil is down to $76 a barrel......
- Thread starter smurphy
- Start date
Takes some time to work off the inventory that was refined during the higher price of oil.
Personally, gas prices near me are over $0.70 off what they were.
Personally, gas prices near me are over $0.70 off what they were.
- Feb 26, 2001
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dropping here to 3.36 if u want to call that a drop. Grab all u can cause we should see about five before the election in 2012.
GASOLINE
While crude oil is traded in a global market, gasoline is part of a regional market. Crude oil prices are important in determining gasoline prices because crude is the primary raw material used to produce gasoline. The price of crude oil may account for over half the price of a gallon of gasoline.
Transitions in supply can also affect the short-term availability of gasoline. Going into the peak summer driving season, refineries are adjusting their gasoline formulas to help protect the air quality in warmer weather. And, because of changes to federal energy legislation passed in 2007, many states are switching to ethanol-blended gasoline.
Many states require specific formulations of gasoline ? there are currently 18 separate gasoline formulas for different regions of the country-and it is often difficult to import gasoline supplies from one region to another.
Each gallon of gasoline also is subject to numerous taxes and fees, which vary by state. In California, the price of gasoline includes a federal motor fuel excise tax, a California motor fuel excise tax, state and local sales taxes as well as other state and local fees totaling more than 66 cents a gallon. View state tax chart.
After the crude oil is processed through the refinery, the finished gasoline product is transported to a terminal, where it may be sold to a wholesaler for distribution to the wholesaler's retail network or delivered to the retail location. There the retailer sets the "street price," which includes a margin to account for the retailer's cost of doing business at that particular location and the retailer's profit.
I'm guessing that is higher pump price than at the barrel peak 3 years ago which was nearly double the current barrel price. Something does not jive.
How do people who need to drive a lot get by these days? What are you not buying that you used to in order to compensate?
Well, I always heard that the President and Vice President get RICH on high gas prices, maybe Obama and Biden are GREEDY Oil Men.
:shrug:
They certainly aren't doing anything about it to protect the consumer. They probably are benefitting. I'm sure a little piece of the inevitable record profits coming Exxon's way will find it's way into their campaign....as well as any campaign with a chance of winning.
Their latest scam is to have the home heating oil higher than ever. When asked why they said because of supply and demand. Europe uses desiel. This must have come as a surprise to them. It is sickening.
There was a time when price-fixing was illegal in this country.
Look at the cost gas, the cost of E85, the cost of the data plan for your smart phone. Price-fixing's all around us. It's simply another manifestation of our shift to a plutocracy.
I think the dollar needs to get stronger to have a added effect to lower gas prices. Just a opinion.
